Truweight plans to raises $15 million in a Series B funding in next few months. Truweight Wellness P Ltd owns and operates the Truweight. Hyderabad based company is into weight management and fitness services startup.
Truweight offers solutions for weight loss combined with its staple of ‘Super Foods’ followed with customized nutrition mentoring plan. Super Foods are considered to be beneficial for health and well being, since it is packed nutrients. The company combines 30 food products made out of super foods like spirulina, barley grass, lemon grass, acacia gum, herbs to name a few.
Truweight was founded in 2012 by Vishnu Saraf and Megha More. Vishnu Saraf is a graduated from Shri Ram College of Commerce from Delhi and went on to do his Masters of Business Administration in Management from Indian Institute of Management, Ahmedabad in 2007.
He is co founded another startup Identity Wellness in 2009 and Truweight in 2012 with Megha More. She graduated in Bachelor of Commerce (Hons) in Accounting from Delhi University in 2003 and went on to her Masters of Business Administration in Finance in Management Development Institute in 2007. Megha has done Chartered Financial Accounting Level 3 from CFA Institute in 2009. Later she went to MSF in Finance from Charles H Kellstadt Graduate School of Business, DePaul University in 2010.
She started her career as Information Analyst in 2003 in McKinsey & Company. After which she joined Goldman Sachs as Valuation Analyst – Investment Banking Division in 2007 for a brief period of 3 months. Later Megha moved Parag Parikh Financial Advisory Services as Investor Behavioural Finance. She worked in the company for 5 months. She co founded Identity in 2010 and Truweight in 2012 with Vishnu Saraf.
Initially Truweight started as fitness club for women called Identity and got renamed as Truweight in 2012. The company has 30 dieticians on roles with seven off line centers in Hyderabad. They have already rolled out apps in Android environment and shortly they will rolling their app in iOS environment.
The promoters of Truweight plans to transform from a physical fitness chain to an e-dietician platform and they are working towards adding more 100,000 subscribed users in next two years from present 7,000 users. Truweight supplies 30 private label food products from their listed 18 manufacturers situated around Hyderabad. Although there are plans to set up manufacturing plant of their own on cards.
The company received their Series ‘A’ funding from Kalaari Capital in the month of March, 2015 for an undisclosed amount. Truweight is planning to raise Series ‘B’ funding of $15 million in next 3 months. “A majority of the proceeds from the proposed fund-raising will be utilised to add more products to our catalog, bring more dietitians on board, and to invest in developing our mobile app to have a pan-India reach,” Megha More, co-founder of Truweight Wellness said after raising capital.
The funds will be deployed to open six offline centers in Silicon Valley of India, Bengaluru and two offline centers in Chennai. Vishnu Saraf of Truweight said “Truweight was started with the mission of giving people a trustworthy option to lose weight, in the right way. After enabling more than 7,000 weight loss success stories, we are now going to increase our reach through our mobile app. The funding amount will be used to hire key people, innovate and add few more food products, build a revolutionary health app and establish physical centres in Bangalore and Chennai.”
Of late, health care facilitators and providers are showing interest in preventive health. Few of the startups like Practo have venture funding from Sequoia Capital. Practo aims to become leading health service provider has recently acquired FitHo – Fitness Solutions that offered free diet and exercise regime to its users.
There are apps such GOQii, which has forayed into wearables that integrates expert led personalised training and Obino is DIY weight loss app. Preventive health care online segment is poised for some actions in near future.